Only two in 10 Canadians have any interest in purchasing a house right now.
Whether you blame it on the red-hot real estate prices, pandemic-related stress, or career uncertainty, it appears Canadians are directing their attention away from the country’s dramatic real estate market.
According to a recent survey commissioned by FairSquare Group Realty, only 19% of Canadians would buy or sell a house during the pandemic, with those aged 18-54 significantly more likely to say they would than those aged 55+.
The findings were based on an online survey of 1,533 Canadians that was completed between January 14-16, 2022, using Leger’s online panel. The survey also revealed significant shifts in real estate attitudes and opinions based on age group.
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“There are many pieces to the puzzle when it comes to buying or selling a home and it can be difficult to navigate a real estate transaction from beginning to end, especially during the pandemic,” says Pascal Laflamme, President at FairSquare Group Realty. “As 2022 began, the team at FairSquare wanted to get a sense of how Canadians were feeling about the real estate market and their preferences so we could better serve our communities.”
The survey revealed a handful of key trends.
To start, it highlighted that a collaborative approach to real estate is gaining momentum during pandemic, especially among millennials. When looking at different approaches to real estate, roughly two in five Canadians are more interested in working with a brokerage that offers many experts throughout the real estate process versus working with one agent.
Read: National Home Prices Hit New Record in January as Supply Remains Scarce
According to FairSquare, those under the age of 35 demonstrated the most interest (49%) in this approach than any other audience group, reporting efficiency of the process (59%) and customer service (47%) to be on their top priority list during a real estate transaction. Canadians who are likely to buy during the pandemic also showed interest in this real estate approach (69%).
A view of a suburban street Richmond Hill
Not surprisingly, given the sky-high real estate costs from coast to coast, saving money is key for Canadians in real estate. When Canadians were asked what they believe to be the most important aspect of a real estate transaction, saving money (61%) was number one, especially among those under 55 (64%).
The bottom line is that increasingly unattainable down payments remain undoubtedly a major source of stress for first-time Canadian homebuyers and a major barrier to entry. So much so, that they're losing interest in the market all together -- and who can blame them?
